Keyeast Co., Ltd. announced that it expects to receive KRW 4.99999968 billion in funding from SM Entertainment Co., Ltd.
May 13, 2018
Share
Keyeast Co., Ltd. (KOSDAQ:A054780) announced a private placement by third party allotment of 2,136,752 common shares at a price of KRW 2,340 for gross proceeds of KRW 4,999,999,680 on May 14, 2018. The transaction will include participation from existing investor, SM Entertainment Co., Ltd. (KOSDAQ:A041510). The investor will hold 31.61% stake in the company post-closing.
The payment date for the transaction is June 22, 2018. The shares being issued in the transaction are subject to a lock-up period of a year.
KEYEAST Co., Ltd. is a Korea-based company engaged in the entertainment business. The Company engages in the management of recruiting new and top actors and brand marketing of actors; planning, manufacture and sale of the value added products based on Korean dramas and movies with affiliated artists through merchandising and licensing business; production and planning of dramas, movies, music and other culture contents as well as provision of contents through media platforms; investment of dramas and movies, and planning and conducting of events, such as performances, exhibitions and conventions. On August 27, 2012, the Company established a new wholly owned subsidiary, which is mainly engaged in the producing of drama and broadcasting contents.